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QUESTION: On January 1, 2020, Tiffany & Company issues 3-year bonds payable with a face value $100,000, stated interest 10% payable at 12/31 each year.

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QUESTION: On January 1, 2020, Tiffany & Company issues 3-year bonds payable with a face value $100,000, stated interest 10% payable at 12/31 each year. Market interest rate is 8%. What should be the issuance price (PV of future cash flows) at 1/1/2020

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